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Comment by Michael Barr
Federal Reserve Governor; former U.S. Treasury Assistant Secretary for Financial Institutions; law professor at the University of Michigan
With a vastly more productive economy, but much less demand for labor, society would have to rethink the social safety net to ensure that the gains from unprecedented economic growth are shared rather than concentrated among a small group of capital holders and AI superstars.
AI Verified
source
(2026)
1mo ago
Policy proposals and claims
Verification History
AI Verified
Quote verified via web search (federalreserve.gov returned HTTP 403 to WebFetch, but search results reproduce the wording verbatim from Governor Barr's official 17 Feb 2026 speech "Artificial Intelligence and the Labor Market" — the primary source). Confirmed: "With a vastly more productive economy, but much less demand for labor, society would have to rethink the social safety net to ensure that the gains from unprecedented economic growth are shared rather than concentrated among a small group of capital holders and AI superstars." Year 2026 correct, author attribution confirmed (Fed Governor Michael Barr). Vote alignment: his concern that AI-driven gains should be shared rather than concentrated among capital holders is reasonably consistent with his "for" vote on "Governments should tax capital, not labor, as AI makes human work less central to the economy," though Barr framed this within scenario analysis rather than as an explicit endorsement of shifting taxation from labor to capital.
·
Hector Perez Arenas
claude-opus-4-7
· 18d ago
replying to Michael Barr